Today is Options Expiration, so today's action is unpredictable, but I'm seeing a dreadful chart pattern revealing itself on Crypto, and the Tech sector. If you follow my twitter feed I'm sure you've already seen some of the charts, as I continue to sound the warning. I even revealed where I've put on a hedge, albeit perhaps a day too early, and that's fine, because I was Net long going into yesterday's close, and that's no place to be, with the $VIX still trading above 20.
Speaking of the $VIX, I haven't seen anything reported about Volmageddon, even though we saw what can only be described as massive moves on the $VIX!
If it's any consolation to the market bulls, I've never seen the market sell off on a St Patrick's Day.
I am seeing what could be a surprise rally in First Republic, if you're feeling lucky.
Bloomberg reports the same thing every day. Calls it news 🫢 let the chart do the talking #Fibonacci $FRC First Republic #Trade pic.twitter.com/RhG2eRboB9
— Veteran Market Timer (@3Xtraders) March 17, 2023
Notice how Gloomberg is only showing the 1 month view of the regional Bank index, as they appeal the the emotions, of the investor with the lowest intelligence. That's fear porn.
Meanwhile Bloomberg, and every other #fakenews network, goes out of their way to NOT report the riots in socialist France.
Paris🇫🇷 on fire🔥🔥🔥
— Dr. Anastasia Maria Loupis (@DrLoupis) March 17, 2023
Anything about this in the MSM ‘news’ ? pic.twitter.com/qtiomvZ3Wl
Here's a couple other things you won't see reported:
Taxpayer Money being used to bailout Chinese investors
Dishonest Biden admin official called out on big lies about who pays for the bailouts! https://t.co/GjmCrHus61
— Tom Fitton (@TomFitton) March 16, 2023
Bitcoin Inflows:
#Bitcoin inflows is the elephant in the room. Report real news!
— Veteran Market Timer (@3Xtraders) March 17, 2023
No doubt Wall Street loves another $300b in money creation, during an already inflationary cycle, and a half point rate hike - next week - is going to do nothing to fix the problem...
That money has to go somewhere, and all the unnecessary money printing over the years, has helped create the speculation in regional banking, and even Cryto.
We also continue to see speculation in Tech stocks, and the more I look, the more I'm amazed at how we've seen an orchestrated sector rotation out of certain areas of the market, in order to fuel the rally in tech stocks, including $SOX, which I touched on yesterday.
In hindsight, think it's not the smart money chasing tech here, and CNBC World Wide Exchange even mentioned it in their intro this morning. and, I think that means CNBC pro investors, and Jim Cramer's investment club members, have already been alerted to "ring the register"!
Semiconductors continue to break out to 1 month highs. I'll bet #CNBC didn't tell you that, unless you payed... pic.twitter.com/Qg2NtZCZEX
— Veteran Market Timer (@3Xtraders) March 16, 2023
BREAKING NEWS:
SVB Bank Files for bankruptcy!
The powers that be, usually wait until after the close, to drop a bombshell like this, but I'm still skeptical that the market can sell-off in a panic today.
Often, once bad news it out, that's the catalyst for a relief rally, so nothing changes on that news.
The Charts
#Bitcoin whipsaws into the most dreadful chart patterns of all. The climax of the broadening top.
— Veteran Market Timer (@3Xtraders) March 17, 2023
I suspect a #CryptoCrash next pic.twitter.com/dxf87mEycA
$DJUSTC - Technology is testing the recent highs, and knowing Wall Street as I do, I'm anticipating the 'ol Pump 'n' Dump.
Have a great St Paddy's Day, Weekend,
AA
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